The Business Year

Álvaro Dueñas

ECUADOR - Energy & Mining

Álvaro Dueñas

Country Manager, Adventus Mining Corporation

Bio

Álvaro Dueñas holds a PhD in jurisprudence from the Catholic University of Ecuador, with a postgraduate degree in negotiation and conflict management from Harvard University and a specialization in mining from Saint Vincent College, Alex G. McKenna School of Business. He is currently Country Manager for Ecuador of Adventus Mining Corporation, a Canadian mining company. His former positions include country manager for Ecuador of the Chilean state mining company CODELCO, founding partner of CONSENSOS, undersecretary of Foreign Trade and Investment (2006-2007), certified mediator of the Arbitration and Mediation Centre of the Quito Chamber of Commerce, arbitration secretary of the Arbitration and Mediation Center of the Ecuadorian-American Chamber of Commerce, consultant to the IDB, and legal and negotiation advisor to the Negotiating Team of the FTA with the US. He has over 20 years of experience in conflict management and community relations for several public and private companies.

Adventus Mining Corporation’s Curipamba mining project has the potential to provide not only great results for the company, but also deliver exponential benefits to the surrounding communities and Ecuador as a whole.

How is the Curipamba mining project expected to contribute to the mining sector in Ecuador and to wider national development?

It has been a long journey, and Freddy Salazar has been responsible for the development of this project for many years. It has been almost 16 years since the project began. As Adventus, we are helping by developing and supporting over the last four years, with something which is not irrelevant, as we are providing the funds as well as the know-how in terms of the development of the construction of the mine and its production. This is a beautiful project as we are doing a mid-scale mine, with spectacular results in terms of internal rates of return. In financial and CSR terms, it is an excellent project, and, therefore, our shareholders and investors believe in the project. We have a project with many expectations, and many people are waiting for it to achieve its most important phases: construction and production. Within our initial plans, 2023 is an important year because we will start building the mine. Hopefully, in 2024 we will start production.

What added value does Curipamba bring to the sector?

Even before starting construction, we have already demonstrated that investors believe in Ecuador and in the project. This is a project fully funded by shareholders or important companies globally. And it is the best way to demonstrate the credibility that Ecuador currently has in the mining sector and of the project itself. The fact that all the investors that were part of the last portion of the exploration phase were willing to invest more confirms how good the project is. Indeed, it stands to contribute to the mining industry, strategic sectors, and the development of the local economy.

What does it mean for the project to have the support of Consorcio Nobis, one of the most established business conglomerates in Ecuador?

The Nobis group that belongs to Isabel Noboa holds a share of Adventus Mining Corporation, not just for the Curipamba. As it is shareholders of Adventus, it also receives a percentage of the other projects we have in Santiago and Pijili. The investment made by Isabel Noboa and the Nobis group indeed is a great endorsement and marks its first and only investment in the mining sector. It is a group that believes in Ecuador and continues to invest locally, which is vital for the country. And given its key role in Ecuador, this is also a strategic group for us.

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